Nev. Rev. Stat. § 645.865

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 645.865 - Permit to engage in business as business broker: Requirements for certain organizations

1. To engage in business as a business broker in this State:

(a) A partnership shall designate one of its members;

(b) A corporation shall designate one of its officers or employees;

(c) A limited-liability company shall designate its manager; and

(d) A real estate broker who conducts business as a sole proprietor shall designate himself or herself or a person who is licensed under the real estate broker,

to submit an application for a permit pursuant to NRS 645.863. The partnership, corporation, limited-liability company or sole proprietor shall not engage in business as a business broker unless the person so designated has been issued such a permit.

2. If the person designated to apply for a permit meets the qualifications for a permit set forth in NRS 645.863, the Real Estate Division shall issue to that person a permit to engage in business as a business broker on behalf of the partnership, corporation, limited-liability company or sole proprietor.

3. A person to whom such a permit has been issued may act as a business broker pursuant to the permit only on behalf of the partnership, corporation, limited-liability company or sole proprietor, and not on his or her own behalf. If that person ceases to be connected or associated with the partnership, corporation, limited-liability company or sole proprietor, the partnership, corporation, limited-liability company or sole proprietor shall designate another person who meets the qualifications for a permit set forth in NRS NRS 645.863 to hold the permit on behalf of the partnership, corporation, limited-liability company or sole proprietor.

4. Any member, officer or employee of a partnership, corporation, limited-liability company or sole proprietor, other than the person designated as the business broker pursuant to subsection 1, who wishes to engage in business as a business broker must apply in his or her own name for a permit. Pursuant to such a permit, the member, officer or employee of a partnership, corporation, limited-liability company or sole proprietor may act as a business broker only as an officer, agent or employee of the partnership, corporation, limited-liability company or sole proprietor, and not on his or her own behalf.

NRS 645.865

Added to NRS by 2005, 647